Toronto Dominion (TD) FY 2019 net income rises by 3.1% to C$11.7bn, with revenue up 6% to C$41.1bn.
But the full fiscal results for the year to end October incorporate a 4% drop in net income in Q4.
TD’s Canadian retail earnings are down by 4% for the full year but are up by 19% for US retail.
Canadian retail banking highlights include a 20 basis point reduction y-o-y in the cost-income ratio in Q4 to 43.0%.
And on margins, the net interest margin in Q4 of 2.96% is up by 2 basis points from a year ago.
“In 2019, we demonstrated the strength and resilience of our franchise. We continued to acquire and serve our customers while increasing loan and deposit volumes,” says Bharat Masrani, Group President and Chief Executive Officer, TD Bank Group.
“Throughout the year, we generated earnings growth amidst a challenging macroeconomic environment. And made strategic investments to strengthen our business, deliver for our customers, and modernise and simplify our operations.”
TD FY 2019 digital highlights
TD claims to rank number one Canadian bank as measured by average digital reach.
In the fourth quarter, TD reports a digital adoption rate of 55.4% up from 53.5% a year ago.
Meantime, over the same period TD’s mobile banking adoption rate rises from 33.1% to 36.8%.
At the same time the bank’s US retail digital metrics also show healthy growth. US digital adoption rates rise from 43.4% to 45.8%. Moreover, the bank’s US mobile adoption rate rises by 270 basis points to 34.6%.
Masrani adds: “We have made terrific progress extending our digital leadership in 2019, investing in new capabilities across the bank. This quarter, we opened our new TD Cyber Fusion Centre. This co-locates leading experts from across TD with a focus on strengthening our cyber defences, protecting our customers and safeguarding the Bank.
“We are also deploying the power of Artificial Intelligence in innovative ways. And we are accelerating the introduction of new digital experiences while leading industry-wide conversations on the development of this groundbreaking technology through our recently released Responsible AI report.”